March 5, 2021 | 6:16 pm Font Size
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Cebu Air, Inc., operator of budget carrier Cebu Pacific, on Friday said its board approved a P16-billio, ten-year loan from local banks.
In a disclosure to the stock exchange on Friday, the company said that its board of directors approved the loan from state banks Development Bank of the Philippines and Land Bank of the Philippines, in partnership with private banks.
The private banks include Asia United Bank Corporation, Bank of the Philippines Islands, Metropolitan Bank & Trust Company, and Union Bank of the Philippines.
The loan will be used to fund the firm’s capital expenditures and other general corporate purposes.
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March 05, 2021 CEBU Air Inc. (CEB or Cebu Pacific) signed a P16-billion 10-year term loan facility Friday, March 5, with a syndicate of domestic banks.
This syndicated loan facility is a landmark deal that exhibits the strong partnership between government financial institutions and private domestic banks to support Cebu Pacific who along with the entire airline industry have been severely impacted by the Covid-19 pandemic.
This term loan facility, which was equally participated in by government financial institutions and leading private sector domestic banks, further represents the confidence of these institutions in the recovery of the Philippine economy and the belief that Cebu Pacific will continue to play a leading and vital role in this economic recovery.
Published December 23, 2020, 5:00 AM
Asia United Bank Corporation (AUB) is seen to continue growing its current accounts and savings accounts’ share in deposits through aggressive market marketing and focus on information technology.
The expected improvement in its funding source is among the reasons why the bank has been assigned a high issuer credit rating of PRS Aa plus (corp.) by Philippine Rating Services Corporation (PhilRatings). The rating has a Stable Outlook.
A company rated “PRS Aa” differs from the highest rated corporates only to a small degree, and has a strong capacity to meet its financial commitments relative to that of other Philippine corporates.